Kesoram Industries shares see steepest fall of 9% in one year on widening Q3 losses

The bottomline was impacted by higher input cost, power and fuel expenses and an exceptional loss

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The share price of Kesoram Industries fell close to 9 percent on January 17, clocking its steepest decline since February 24, 2022. The tumble came on the back of the company’s widening losses in the October-December quarter.

At 11:30am, the stock was quoting at Rs 59.15 on the National Stock Exchange, down by 7.7 percent. Trading volumes at 3.2 million were twice the 20-day average volume of 1.5 million. The company has a market capitalisation of Rs 1,835 crore, of which Rs 862 crore is free float.

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For the quarter ended December 2022, the company has posted consolidated loss of Rs 48 crore, widening from loss of Rs 32 crore in same period last year. The bottomline was impacted by higher input cost, power and fuel expenses and an exceptional loss.

“The management is contemplating a possible disposition of the company’s property comprised in its Hindustan Heavy Chemicals unit that has been under suspension of work. The value of the property has been re-measured and aligned to its realisable value. The loss on this has been recognised in the current quarter and disclosed as an exceptional item,” the company said.

Its consolidated revenue from operations increased 12.6 percent on-year to Rs 986 crore for the quarter. The company has two segments – cement and rayon, transparent paper and chemicals. Cement contributes to about 94 percent of the company’s revenue.

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“The Q3 volume was at 1.8 MT, we expect FY23 volume around 7.2 MT. EBITDA per tonne should touch Rs 600 by end of the financial year,” chief executive P Radhakrishnan told CNBC-TV18.

The company has a high debt-to-equity ratio of 3.82x. “Key to our balance sheet  is refinancing the debt. We expect to complete that by March 2023,” he said. “We are also looking at equity infusion in subsidiary, before going ahead with the demerger.”

In April 2022, the company had announced demerger of rayon, transparent paper and chemical business under its wholly owned subsidiary Cygnet Industries into a separate company.